Elastic NV (ESTC) 2025 Q2 法說會逐字稿

Good day and welcome to the last week's second quarter Elastic 2025 earnings results conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to

美好的一天，歡迎參加上週的 Elastic 2025 年第二季財報電話會議。 （操作員說明）請注意此事件正在被記錄。我現在想把會議轉交給

Thank you. Good afternoon and thank you for joining us on today's conference call to discuss the last week's second quarter fiscal 2025 financial results. On the call, we have Ash Kulkarni, Chief Executive Officer; Janesh Moorjani, Chief Financial Officer and Chief Operating Officer; and Eric Pringle, our incoming interim CFO.

謝謝。下午好，感謝您參加今天的電話會議，討論上週的 2025 財年第二季財務業績。執行長 Ash Kulkarni 出席了電話會議。 Janesh Moorjani，財務長兼營運長；以及我們即將上任的臨時財務長 Eric Pringle。

Following their prepared remarks, we will take questions. Our press release was issued today after the close of market is posted on our website. Slides, which are supplementalto this call, can also be found on the Elastic Investor Relations website at ir.elastic.co. Our discussion will include forward-looking statements which may include predictions, estimates, our expectations regarding the demand for our products and solutions, and our future revenue and other information.

在他們準備好的發言之後，我們將回答問題。我們的新聞稿是在今天收盤後在我們的網站上發布的。作為本次電話會議的補充的幻燈片也可以在 Elastic 投資者關係網站 ir.elastic.co 上找到。我們的討論將包括前瞻性陳述，其中可能包括預測、估計、我們對我們的產品和解決方案的需求的預期，以及我們未來的收入和其他資訊。

These forward-looking statements are based on factors currently known to us, speak only as of the date of this call, and are subject to risks and uncertainties that could cause actual results to differ materially. We disclaim any obligation to update or revise these forward-looking statements unless required by law. Please refer to the risks and uncertainties included in the press release that we issued earlier today, included in the slides posted on the Investor Relations website, and those more fully described in our filings with the Securities and Exchange Commission.

這些前瞻性陳述是基於我們目前已知的因素，僅在本次電話會議之日發表，並受到可能導致實際結果產生重大差異的風險和不確定性的影響。除非法律要求，否則我們不承擔更新或修改這些前瞻性聲明的義務。請參閱我們今天早些時候發布的新聞稿、投資者關係網站上發布的幻燈片以及我們向美國證券交易委員會提交的文件中更詳細描述的風險和不確定性。

We will also discuss certain non-GAAP financial measures. Disclosures regarding non-GAAP measures, including reconciliations with the most comparable GAAP measures, can be found in the press release and slides. The webcast replay of this call will be available on our company website under the Investor Relations link.

我們也將討論某些非公認會計準則財務指標。有關非公認會計原則措施的揭露，包括與最具可比性的公認會計原則措施的調節，可以在新聞稿和幻燈片中找到。本次電話會議的網路直播重播將在我們公司網站的投資者關係連結下提供。

Our third quarter, fiscal 2025, quiet period, begins at the close of business on Friday, January 17, 2025. We will be participating in Scotiabank's Global Technology Conference on December 10, and the Needham Growth Conference on January 16.

我們的 2025 財年第三季靜默期於 2025 年 1 月 17 日星期五收市後開始。

With that, I'll turn it over to Ash.

這樣，我就把事情交給阿什了。

Thank you, Anthony, and thank you, everyone, for joining us on today's call. Elastic delivered a strong second quarter supported by solid sales execution and customer commitments. In Q2, we meaningfully exceeded guidance across all revenue and profitability metrics.

謝謝安東尼，也謝謝大家參加今天的電話會議。在紮實的銷售執行和客戶承諾的支持下，Elastic 第二季業績表現強勁。在第二季度，我們的所有收入和獲利指標都明顯超出了指導。

Revenue grew by 18% year-over-year. Cloud revenue grew by 25% year-over-year, and we delivered a non-GAAP operating margin of 18%. We also increased the number of customers spending over $100,000 with us to 1,420.

營收年增18%。雲端營收年增 25%，非 GAAP 營業利潤率為 18%。我們還將消費超過 10 萬美元的客戶數量增加到 1,420 名。

At the start of this fiscal year, we made sales segmentation changes to increase the focus on our key enterprise and high-potential mid-market customers. After some unexpected disruption in sales performance in Q1, we are now starting to see the benefits of the changes we made take hold. Our performance in Q2 reaffirms our confidence in our strategy and shows that we are well on our way to returning to the strong pace of sales execution that we have demonstrated in the past.

在本財年伊始，我們對銷售細分進行了調整，以加大對關鍵企業和高潛力中端市場客戶的關注。在第一季銷售業績出現一些意外中斷之後，我們現在開始看到我們所做的改變所帶來的好處。我們第二季的表現重申了我們對策略的信心，並表明我們正在恢復過去所展現的強勁銷售執行步伐。

In Q2, we saw strong customer commitments with key wins across all of our solution areas, especially in search, powered by generative AI. We also saw continued consolidation onto the Elastic platform for security and observability, with many customers displacing incumbent legacy products and migrating onto our search AI platform.

在第二季度，我們看到了客戶的堅定承諾，我們在所有解決方案領域都取得了重大勝利，特別是在由生成式人工智慧支援的搜尋領域。我們也看到 Elastic 平台在安全性和可觀察性方面的持續整合，許多客戶取代了現有的遺留產品並遷移到我們的搜尋人工智慧平台。

Turning to generative AI, our momentum in this area continues to build. In Q2, we saw strong demand for our vector database as customers increasingly adopted Elastic for building semantic search and retrieval augmented generation, or RAG applications. Our clear product differentiation and our relentless pace of innovation is helping us become a natural choice for customers building gen-AI applications. We are seeing adoption and winning deals across many different industries and for use cases that seek to automate a wide variety of business processes.

談到生成人工智慧，我們在這一領域的勢頭持續增強。在第二季度，隨著客戶越來越多地採用 Elastic 來建立語義搜尋和檢索增強生成（RAG 應用程式），我們看到對向量資料庫的強勁需求。我們清晰的產品差異化和不懈的創新步伐正在幫助我們成為建立 gen-AI 應用程式的客戶的自然選擇。我們看到許多不同行業以及尋求自動化各種業務流程的用例的採用和贏得交易。

In Q2, we saw continued acceleration in our search business, with significant tailwinds from gen-AI. In Q2, new customer commitments with gen-AI almost doubled in dollar volume as compared to what we saw in Q1, with three of the deals we signed being greater than a million dollars in annual contract value. We now have over 1,550 customers on Elastic Cloud using us for gen-AI use cases, with over 240 of these amongst our cohort of customers spending $100,000 or more with us annually.

在第二季度，我們的搜尋業務持續加速，gen-AI 帶來了巨大的推動力。在第二季度，與第一季相比，gen-AI 的新客戶承諾金額幾乎翻了一番，其中我們簽署的三筆交易的年度合約價值超過 100 萬美元。現在，Elastic Cloud 上有超過 1,550 名客戶使用我們的 gen-AI 用例，其中超過 240 名客戶每年在我們這裡花費 100,000 美元或更多。

A US based global leader in the automotive industry expanded its relationship with Elastic in a multi-year, seven-figure deal by selecting our Elastic Search AI platform. The company has standardized on Elastic's vector database as the backbone for their retrieval-augmented generation and chatbot applications. Elastic's vector database powers over 30 chatbot clusters used for both internal employee support and customer-facing interactions to enhance efficiency by providing real-time relevant answers and driving improved productivity for the organization's workforce.

一家總部位於美國的汽車行業全球領導者透過選擇我們的 Elastic Search AI 平台，透過一項價值七位數的多年協議擴大了與 Elastic 的關係。該公司已將 Elastic 的向量資料庫標準化，作為其檢索增強生成和聊天機器人應用程式的支柱。Elastic 的向量資料庫為 30 多個聊天機器人叢集提供支持，這些聊天機器人叢集用於內部員工支援和麵向客戶的交互，透過提供即時相關答案並提高組織員工的生產力來提高效率。

Beyond chatbots, the company is leveraging Elastic's hybrid search capabilities, combining keyword and semantic search for broader applications. We also signed an expansion deal with a leading sporting goods retailer in North America to support their omni-channel experience using the Elastic Search AI platform by adopting semantic search and using advanced AI relevance capabilities like learning to rank to improve margins and profitability in-store and online. The company chose Elastic for a deep expertise in retail search transformation and our integrated machine learning and search AI capabilities all within a single platform.

除了聊天機器人之外，該公司還利用 Elastic 的混合搜尋功能，將關鍵字和語義搜尋結合以實現更廣泛的應用。我們還與北美一家領先的體育用品零售商簽署了一項擴張協議，透過採用語義搜尋和先進的人工智慧相關功能（例如學習排名）來支援他們使用Elastic Search AI 平台的全通路體驗，以提高店內利潤和盈利能力和在線。該公司之所以選擇 Elastic，是因為 Elastic 在零售搜尋轉型方面擁有深厚的專業知識，並且我們將機器學習和搜尋 AI 功能整合在一個平台中。

In addition to Gen-AI, the other secular tailwind that we have been benefiting from is customer consolidation onto our platform for multiple use cases. Our ability to help customers reduce complexity and drive efficiency at a lower total cost of ownership by consolidating onto the Elastic platform for multiple use cases is helping us secure strong customer commitments and become an increasingly strategic part of their IT infrastructure.

除了 Gen-AI 之外，我們受益的另一個長期推動因素是客戶整合到我們的平台上以實現多個用例。透過將多個用例整合到Elastic 平台上，我們能夠幫助客戶降低複雜性並以更低的總擁有成本提高效率，這有助於我們獲得客戶的堅定承諾，並成為其IT 基礎設施中日益具有策略意義的部分。

And we continue to invest in capabilities and incentives that make it possible for customers to migrate easily. Last quarter I talked about the Elastic Express migration program and our search AI powered automatic import functionality. And I'm pleased to say that we are seeing significant momentum from customers who are leveraging these to migrate off of legacy offerings onto our platform.

我們繼續投資於能力和激勵措施，使客戶能夠輕鬆遷移。上個季度我談到了 Elastic Express 遷移計劃和我們的搜尋 AI 支援的自動導入功能。我很高興地說，我們看到客戶利用這些技術將遺留產品遷移到我們的平台上的勢頭強勁。

These incentives and offerings were critical in helping us win over 40 competitive deals in Q2 where we either displaced incumbent solutions or onboarded new workloads through platform consolidation. This quarter an online marketplace for short and long-term home stays selected Elastic security to replace its existing SIEM solution marking a strategic shift towards a more scalable and AI-driven security approach.

這些激勵措施和產品對於幫助我們在第二季度贏得 40 多項有競爭力的交易至關重要，在這些交易中，我們要么取代了現有解決方案，要么透過平台整合引入了新的工作負載。本季度，一家短期和長期寄宿家庭線上市場選擇 Elastic security 來取代其現有的 SIEM 解決方案，這標誌著向更具可擴展性和 AI 驅動的安全方法的策略轉變。

This seven-figure expansion deal involves replacing a complex and inefficient solution unable to keep up as the company's threat landscape and data footprint grows. The Elastic search AI platform including ESQL and our AI assistant will help the company streamline its security operations and ensure faster, more accurate threat detection.

這項價值七位數的擴張交易涉及更換複雜且低效的解決方案，無法跟上公司威脅情勢和數據足蹟的成長。Elastic search AI 平台（包括 ESQL 和我們的 AI 助理）將協助該公司簡化其安全運營，並確保更快、更準確的威脅偵測。

Cost efficiency at scale, seamless integration, and advanced AI features were significant factors in their choice of Elastic positioning us as a key partner in their next generation security infrastructure. In another seven-figure deal we signed a new agreement with an insurance provider displacing two competitive solutions for their cybersecurity operations. The company chose Elastic Security leveraging our AI assistant and attack discovery to strengthen their threat detection.

大規模成本效率、無縫整合和先進的人工智慧功能是他們選擇 Elastic 將我們定位為下一代安全基礎設施的關鍵合作夥伴的重要因素。在另一筆七位數的交易中，我們與一家保險提供者簽署了一項新協議，取代了其網路安全營運的兩種有競爭力的解決方案。該公司選擇 Elastic Security 利用我們的 AI 助理和攻擊發現來加強威脅偵測。

Now turning to product innovations in Q2. We introduced a steady addition of new AI capabilities, including a number of features that significantly improve our performance as a vector database. We continue to innovate to maintain our position as the most downloaded vector database on the market. Elasticsearch now supports bit vectors, SIMD acceleration and INT4 quantization to improve performance.

現在轉向第二季的產品創新。我們不斷引入新的人工智慧功能，其中包括許多顯著提高向量資料庫效能的功能。我們不斷創新，以保持市場上下載次數最多的向量資料庫的地位。Elasticsearch 現在支援位元向量、SIMD 加速和 INT4 量化以提高效能。

And now Elastic is the first vector database to offer better binary quantization, now in tech preview. BBQ, as we refer to it, offers a 32x lower memory footprint compared to storing and searching full precision vectors. It also surpasses traditional methods like product quantization, delivering faster vector search at lower costs without compromising accuracy.

現在，Elastic 是第一個提供更好的二進位量化的向量資料庫，現已推出技術預覽版。正如我們所說，與儲存和搜尋全精度向量相比，BBQ 的記憶體佔用量減少了 32 倍。它還超越了乘積量化等傳統方法，以更低的成本提供更快的向量搜索，而不會影響準確性。

Initial benchmarks are showing 30x less quantization time. This is a game changer for navigating the usual vector search trade-offs between cost and accuracy and is only available from Elastic. We also announced the general availability of AutoOps, the outcome of our acquisition of Opster, which significantly simplifies Elasticsearch cluster management with performance recommendations, resource utilization and cost insights, as well as real-time issue detection and resolution paths. By analyzing hundreds of Elasticsearch metrics, configuration and usage patterns, AutoOps recommends operational and monitoring insights that deliver real savings.

初步基準測試顯示量化時間減少了 30 倍。這是一個遊戲規則改變者，用於在成本和準確性之間進行通常的向量搜尋權衡，並且只能從 Elastic 獲得。我們也宣布全面推出 AutoOps，這是我們收購 Opster 的成果，它透過效能建議、資源利用率和成本洞察以及即時問題偵測和解決路徑，顯著簡化了 Elasticsearch 叢集管理。透過分析數百個 Elasticsearch 指標、配置和使用模式，AutoOps 提供可帶來真正節省的營運和監控洞察建議。

In security, AI continues to transform the SIEM landscape with the SIEM fast evolving to an AI-driven security analytics solution for the modern SOC. We expect this new generation of solutions to not only subsume traditional SIEM functionality but also consolidate extended protections for various parts of the IT infrastructure, which today require separate tools.

在安全方面，人工智慧持續改變 SIEM 格局，SIEM 快速發展為現代 SOC 的人工智慧驅動的安全分析解決方案。我們預期新一代解決方案不僅能夠包含傳統的 SIEM 功能，還能整合對 IT 基礎架構各部分的擴充保護，而這些部分目前需要單獨的工具。

Cloud detection and response, or CDR, is one such area of extended protections that we recently integrated into our AI-driven security analytics solution, providing threat detection and response and contextual investigation to protect cloud environments, all within a unified set of workflows already familiar to our SIEM users.

雲端偵測和回應（CDR）就是這樣一個擴展保護領域，我們最近將其整合到人工智慧驅動的安全分析解決方案中，提供威脅偵測和回應以及情境調查來保護雲端環境，所有這些都在一組已經熟悉的統一工作流程中給我們的 SIEM 使用者。

As part of this capability, our users can benefit from detection rules that combine cloud telemetry with other relevant logs collected by the SIEM and from context gained from correlating other events and entities to perform streamlined yet informed investigations. Since this capability is fully integrated into our SIEM, CDR users can now benefit from all of Elastic's unique differentiators in the areas of query speed, data management, and relevance-focused AI.

作為此功能的一部分，我們的使用者可以受益於將雲端遙測與 SIEM 收集的其他相關日誌相結合的檢測規則，以及透過關聯其他事件和實體獲得的上下文來執行簡化且知情的調查。由於此功能已完全整合到我們的 SIEM 中，CDR 用戶現在可以從 Elastic 在查詢速度、資料管理和以相關性為中心的 AI 領域的所有獨特優勢中受益。

In the area of Observability, Elastic is now 100% OpenTelemetry or OTel-native. As you know, OTel enables Observability users to move from proprietary data ingest mechanisms to an open standard format. As of Q2, all OTel-compliant data is now stored in Elastic without data translation, which removes the need for SRE teams to worry about data formats.

在可觀測性領域，Elastic 現在 100% OpenTelemetry 或 OTel 原生。如您所知，OTel 使 Observability 使用者能夠從專有資料攝取機制轉向開放標準格式。截至第二季度，所有符合 OTel 要求的資料現在都儲存在 Elastic 中，無需進行資料轉換，這使得 SRE 團隊無需擔心資料格式。

Our entire Observability suite now works out of the box for OTel-compliant ingested data. In addition, we introduced our OTel-based Kubernetes integration and dashboards, providing users with instant visibility into clusters and application metrics, logs and traces, all without the need for any manual configuration.

我們的整個可觀測性套件現在可以開箱即用，用於獲取符合 OTel 標準的數據。此外，我們還推出了基於 OTel 的 Kubernetes 整合和儀表板，使用戶能夠即時查看叢集和應用程式指標、日誌和跟踪，而無需任何手動配置。

Elsewhere, we expanded our LLM observability capabilities to include Amazon Bedrock. This adds to our previously announced support for Azure OpenAI. With this, we provide comprehensive visibility into the performance and usage of foundational models from Bedrock as well as dashboards and detailed insights into model performance, usage patterns and costs.

在其他地方，我們擴展了 LLM 可觀測能力，將 Amazon Bedrock 納入其中。這增加了我們先前宣布的對 Azure OpenAI 的支援。透過此功能，我們可以全面了解 Bedrock 基礎模型的效能和使用情況以及儀表板，以及對模型效能、使用模式和成本的詳細見解。

On the go-to-market front, we kicked off our ElasticON events in Q2 and, to date, have held events in San Francisco, Bangalore, Munich, and New York. Our ElasticON events have drawn thousands of attendees, and we are looking forward to hosting six more events across the globe during fiscal Q3 and Q4. ElasticONs give us the unparalleled opportunity to meet with thousands of customers, partners, prospects, and developers to share ideas and showcase Elastic innovations.

在進入市場方面，我們在第二季度啟動了 ElasticON 活動，迄今為止，已在舊金山、班加羅爾、慕尼黑和紐約舉辦了活動。我們的 ElasticON 活動吸引了數千名參與者，我們期待在第三財季和第四財季在全球舉辦另外六場活動。ElasticON 為我們提供了無與倫比的機會，可以與成千上萬的客戶、合作夥伴、潛在客戶和開發人員會面，分享想法並展示 Elastic 創新。

Partners play a critical role in our success. This quarter, we launched the new Elastic AI ecosystem as part of our vision to transform, simplify, and accelerate how enterprise developers build and deploy generative AI applications, working with leading technology providers, including Alibaba Cloud, Amazon Web Services, Anthropic, Cohere, Confluent, DataRobot, Dataiku, Galileo, Google, Hugging Face, LangChain, LlamaIndex, Microsoft, Mistral, NVIDIA, OpenAI, ProtectAI, RedHat, Unstructured and Vectorize. We have built a comprehensive set of integrations with our Elasticsearch vector database to help developers speed up the time to develop GenAI applications.

合作夥伴在我們的成功中發揮著至關重要的作用。本季度，我們推出了新的 Elastic AI 生態系統，作為我們願景的一部分，我們與阿里雲、Amazon Web Services、Anthropic、Cohere、 Confluence、DataRobot、Dataiku、Galileo、Google、Hugging Face、LangChain、LlamaIndex、Microsoft 、Mistral、NVIDIA、OpenAI、ProtectAI、RedHat、Unstructured 和Vectorize。我們與 Elasticsearch 向量資料庫建立了一套全面的集成，以幫助開發人員加快開發 GenAI 應用程式的速度。

Now switching to some organizational news. Today, we are announcing that Janesh Moorjani will be leaving Elastic to pursue a new opportunity, and his last day with Elastic will be December 13. Janesh has been a key part of our leadership team over the past 7 years, first as CFO and more recently as CFO and COO. And his tenure here has included a number of major milestones for the company, including leading our IPO back in 2018 and more recently, helping guide the business across the $1 billion mark.

現在切換到一些組織新聞。今天，我們宣布 Janesh Moorjani 將離開 Elastic 去尋找新的機會，他在 Elastic 的最後一天是 12 月 13 日。在過去 7 年裡，Janesh 一直是我們領導團隊的重要組成部分，首先擔任財務官，最近擔任財務長和營運長。他在任職期間為公司帶來了許多重大里程碑，包括在 2018 年和最近領導我們的 IPO，幫助引導業務突破 10 億美元大關。

Personally to me, Janesh has been a trusted colleague and a friend over the years, and I want to thank him personally for all that he has done during his time here. I'm looking forward to seeing all that he can accomplish in the years ahead.

就我個人而言，賈內什多年來一直是一位值得信賴的同事和朋友，我想親自感謝他在這裡所做的一切。我期待著看到他在未來幾年能夠取得的成就。

With this change, I'm happy to have Eric Prengel, Elastic's Group Vice President of Finance, taking on the role of interim Chief Financial Officer effective December 14 while the company conducts a search for a permanent replacement. Eric has been with Elastic for the past two years and has already made significant contributions to Elastic with broad responsibility for various FP&A and business partnership functions.

透過這項變化，我很高興 Elastic 集團財務副總裁 Eric Prengel 擔任臨時財務官，該職位於 12 月 14 日生效，同時公司正在尋找永久替代者。Eric 在 Elastic 工作了兩年，並已為 Elastic 做出了重大貢獻，廣泛負責各種 FP&A 和業務合作夥伴職能。

Prior to joining Elastic, Eric spent nearly 10 years at JPMorgan in various investment banking leadership roles. And he was involved with Elastic even then, having worked on our IPO. I have worked closely with Eric during his time here and I'm confident in his disciplined leadership and ability to excel in this role. As such, and not surprisingly, Eric will also be considered as a candidate in our search process.

在加入 Elastic 之前，Eric 在摩根大通工作了近 10 年，擔任過各種投資銀行領導職務。那時他就參與了 Elastic，參與了我們的 IPO。在艾瑞克（Eric）任職期間，我與他密切合作，我對他紀律嚴明的領導能力和在這一職位上表現出色的能力充滿信心。因此，毫不奇怪，埃里克也將被視為我們搜尋過程中的候選人。

In closing, I'm pleased with our strong performance this quarter. I want to thank our team for their focused execution. And I also want to thank our customers, partners, and investors for their continued support and confidence. We are seeing positive signs that we are well on our way to returning to historical levels in terms of our pace of execution, and our Q2 performance is a strong indication of this progress.

最後，我對我們本季的強勁表現感到滿意。我要感謝我們的團隊專注的執行力。我還要感謝我們的客戶、合作夥伴和投資者的持續支持和信任。我們看到積極的跡象，表明我們的執行速度正在恢復到歷史水平，而我們第二季度的業績有力地表明了這一進展。

The innovations we are building into our search AI platform, the momentum we are gaining around generative AI and the traction we are seeing with customers consolidating onto our platform gives us great confidence in our future and in our ability to build a multibillion-dollar business over time.

我們在搜尋人工智慧平台中建立的創新、我們圍繞生成人工智慧所獲得的動力以及我們看到客戶整合到我們平台上的吸引力，讓我們對我們的未來以及我們建立數十億美元業務的能力充滿信心。

With that, I'll turn it over to Janesh to go through our financial results in more detail.

這樣，我會將其交給 Janesh，以更詳細地查看我們的財務表現。

Thank you, Ash, for those kind words. It's been a privilege to have been part of Elastic's growth journey for the past seven years. I am proud of our successful track record, and I firmly believe that the future for Elastic has never been brighter. It's been an incredible partnership with you personally, and I am deeply grateful for your trust and friendship.

謝謝阿什的客氣話。在過去七年裡，我很榮幸能夠參與 Elastic 的成長之旅。我為我們的成功記錄感到自豪，並且堅信 Elastic 的未來從未如此光明。與您個人的合作是令人難以置信的，我非常感謝您的信任和友誼。

While I'm sad to leave behind such a talented team, many of whom are now good friends, I am excited about my next opportunity. I'm confident that the business will be in great hands with Eric. He has been my right hand for almost two years and has proven himself to be an exceptional and disciplined leader.

雖然我很難過離開這樣一支才華橫溢的團隊，其中許多人現在都是好朋友，但我對下一次機會感到興奮。我相信埃里克會很好地管理公司的業務。近兩年來，他一直是我的得力助手，並已證明自己是一位出色且紀律嚴明的領導者。

I'll let him say a few words before I get into our results.

在我討論我們的結果之前，我會讓他說幾句話。

Thanks, Ash and Janesh. I really appreciate it. In the almost two years I've been at Elastic, it has been a pleasure to partner with both of you. From my time working on the IPO, I was impressed with the differentiated technology and strong culture that Elastic has. Since joining, it has become even clearer to me that we have an opportunity to be a truly generational company.

謝謝，阿什和賈尼什。我真的很感激。在我加入 Elastic 的近兩年時間裡，很高興與你們合作。從我參與 IPO 的那段時間起，Elastic 擁有的差異化技術和強大的文化給我留下了深刻的印象。自從加入以來，我更加清楚我們有機會成為一家真正具有世代相傳的公司。

Janesh, you have shaped so much of Elastic, and I very much appreciate that I got the opportunity to work closely with you. I wish you the absolute best in your next role, and I'm excited to be stepping into this role with all that is in front of Elastic.

Janesh，您為 Elastic 做出了巨大貢獻，我非常感謝有機會與您密切合作。我祝您在下一個職位中一切順利，我很高興能夠在 Elastic 面前承擔起這個角色。

Thanks, Eric. I'm sure you'll knock it out of the park. Let's get into our Q2 results. With a challenging first quarter behind us, we were pleased that we improved our sales execution in the second quarter with strong customer commitments, as Ash described, and also outperformed against the high end of both our revenue and profitability guidance. Total revenue in the second quarter was $365 million, up 18% year-over-year as reported and up 17% year-over-year in constant currency.

謝謝，埃里克。我相信你一定會成功的。讓我們看看第二季的結果。正如阿什所描述的那樣，充滿挑戰的第一季度已經過去，我們很高興我們在第二季度通過強有力的客戶承諾改善了銷售執行情況，並且表現也優於我們的收入和盈利指導的高端。第二季總營收為 3.65 億美元，年增 18%，以固定匯率計算年增 17%。

Subscription revenue in the second quarter totaled $341 million, up 18% year-over-year as reported and in constant currency. Within subscriptions, revenue from Elastic Cloud was $169 million, growing 25% year-over-year as reported and in constant currency.

第二季訂閱營收總計 3.41 億美元，以固定匯率計算，年增 18%。在訂閱方面，Elastic Cloud 的營收為 1.69 億美元，以固定匯率計算，年增 25%。

Elastic Cloud represented 46% of total revenue in the quarter. Aggregate consumption trends in the second quarter remained healthy with enterprise and commercial customers generally continuing to consume as anticipated against their commitments and with stronger-than-expected consumption among some of our larger customers.

Elastic Cloud 佔該季度總營收的 46%。第二季的整體消費趨勢保持健康，企業和商業客戶普遍繼續按照其承諾進行預期消費，我們的一些較大客戶的消費強於預期。

Revenue from our Elastic Cloud month-to-month motion, which is driven mainly by self-service SMB customers, was consistent with our expectations and remained flattish in dollar terms, coming in at 13% of total revenue. Consumption revenue can fluctuate across quarters and we've seen such fluctuations in the past so we will continue to monitor this closely.

我們的 Elastic Cloud 每月變動收入主要由自助式中小企業客戶推動，與我們的預期一致，並且以美元計算保持持平，佔總收入的 13%。消費收入可能會在各個季度出現波動，我們過去也見過這種波動，因此我們將繼續密切關注。

Professional services revenue was $25 million, growing 7% year-over-year as reported and in constant currency. As a reminder, professional services revenue may fluctuate across quarters based on the timing of services delivery.

專業服務收入為 2,500 萬美元，以固定匯率計算，年增 7%。提醒一下，專業服務收入可能會根據服務提供的時間而在各個季度出現波動。

To add more context around deal flow during the quarter, we had solid sales execution with improving performance compared to the prior quarter. We are pleased with the progress we have made so far and intend to continue our focus and diligence around sales execution. We saw healthy growth across our solutions where search grew the fastest year-over-year, given the strong traction we've seen in GenAI that Ash described. The quarter's strength was also balanced across geographies where the Americas grew the fastest, followed by EMEA and APJ.

為了增加本季交易流的更多背景，我們的銷售執行力紮實，與上一季相比業績有所改善。我們對迄今為止所取得的進展感到滿意，並打算繼續專注並勤勉地圍繞銷售執行。鑑於我們在 GenAI 中看到 Ash 所描述的強大吸引力，我們看到我們的解決方案實現了健康成長，其中搜尋年成長最快。本季各地區的成長動能也很均衡，其中美洲成長最快，其次是歐洲、中東和非洲地區和亞太及日本地區。

Customers continue to make strong multiyear commitments to us, reflecting their preference for Elastic as they consider platform consolidation and reflecting our increasing relevance to their business. We did not see any significant changes in the competitive environment during the quarter.

客戶繼續向我們做出強有力的多年承諾，這反映了他們在考慮平台整合時對 Elastic 的偏愛，也反映了我們與他們業務的相關性日益增強。本季我們沒有看到競爭環境有任何重大變化。

Turning to customer metrics. We ended the second quarter with over 1,420 customers with annual contract values more than $100,000. We continue to be focused on customers with a higher propensity for growth and target such customers in the enterprise and commercial segments. These larger customers provide a strong foundation for our land and expand motion as we continue to scale.

轉向客戶指標。截至第二季末，我們擁有超過 1,420 名客戶，年度合約價值超過 10 萬美元。我們繼續關注具有較高成長傾向的客戶，並瞄準企業和商業領域的此類客戶。這些較大的客戶為我們的土地提供了堅實的基礎，並隨著我們不斷擴大規模而擴大業務範圍。

Looking at customer additions more broadly, we ended the quarter with over 4,480 customers above $10,000 in ACV and approximately 21,300 total subscription customers. Our net expansion rate was approximately 112%, which was in line with our expectations. Our customer retention rates during the quarter also remained strong.

從更廣泛的角度來看客戶增加情況，本季結束時，ACV 超過 10,000 美元的客戶數量超過 4,480 名，訂閱客戶總數約為 21,300 名。我們的淨擴張率約為112%，符合我們的預期。本季我們的客戶保留率也保持強勁。

Now turning to profitability and cash flow for which I'll discuss non-GAAP measures. Gross margin in the quarter was 76.9%, consistent with the past several quarters. Our operating margin in the quarter was 17.6%, which was significantly better than expected, driven primarily by our strong revenue outperformance and continued discipline in spending, with some of our expense efficiency actions that we had previously discussed coming in larger than expected and also taking hold earlier in the quarter than we had anticipated.

現在轉向獲利能力和現金流，我將討論非公認會計準則衡量指標。該季度毛利率為76.9%，與過去幾季一致。我們本季的營業利潤率為17.6%，明顯好於預期，這主要是由於我們強勁的收入表現和持續的支出紀律推動的，我們之前討論過的一些費用效率行動的規模超出了預期，並且還採取了本季的持有時間比我們預期的要早。

Diluted earnings per share in the second quarter was $0.59. Adjusted free cash flow was approximately $38 million in the second quarter, which translated to 10% adjusted free cash flow margin. Cash flow on a quarterly basis fluctuates, given timing issues and seasonality so we continue to look at this primarily on a full year basis. Although we don't formally guide to cash flow, we continue to expect adjusted free cash flow margin for fiscal '25 to be slightly above the non-GAAP operating margin for fiscal '25. As you know, our adjusted free cash flow is on an unlevered basis.

第二季稀釋後每股收益為 0.59 美元。第二季調整後自由現金流約 3,800 萬美元，調整後自由現金流利潤率為 10%。由於時間問題和季節性，每季的現金流量都會波動，因此我們繼續主要以全年為基礎來看待這個問題。儘管我們沒有正式指導現金流，但我們仍然預計 25 財年調整後的自由現金流利潤率將略高於 25 財年的非 GAAP 營運利潤率。如您所知，我們調整後的自由現金流是無槓桿的。

Turning to guidance. Looking ahead, our market opportunity remains large. The Elasticsearch AI platform is highly differentiated, our GenAI traction is strong and customers are continuing to consolidate workloads onto our platform. Given the revenue outperformance in the second quarter and our conviction around our opportunity ahead, we are raising our full year total revenue outlook.

轉向指導。展望未來，我們的市場機會仍然很大。Elasticsearch AI 平台具有高度差異化，我們的 GenAI 吸引力很強，客戶正在繼續將工作負載整合到我們的平台上。鑑於第二季的營收表現出色以及我們對未來機會的信心，我們上調了全年總收入預期。

As we look into the second half of fiscal '25, we assume that the current business environment will remain similar to the first half of the year. We remain focused on execution and believe that we are well positioned for long-term growth and profitability.

當我們展望 25 財年下半年時，我們假設目前的商業環境將與上半年相似。我們仍然專注於執行，並相信我們已做好長期成長和獲利能力的準備。

In the third quarter, we expect both self-managed and annual cloud revenue to grow slightly in dollar terms compared to the second quarter. I'll highlight some of the factors we considered in our guidance. First, while our most recent performance gives us confidence in our improving sales execution, the shortfall on customer commitments we experienced in the first quarter of this year will remain a headwind to year-over-year revenue growth in the back half of this year.

在第三季度，我們預計自我管理收入和年度雲端收入以美元計算與第二季度相比將略有成長。我將重點介紹我們在指南中考慮的一些因素。首先，雖然我們最近的業績讓我們對銷售執行力的改善充滿信心，但今年第一季我們所經歷的客戶承諾的不足仍將是今年下半年營收年增的阻力。

Second, we have considered that consumption revenue on both annual contracts and in the month-to-month motion can fluctuate. Since we've seen such fluctuations before, we have been prudent in our assumptions on consumption rates on annual contracts for the remainder of the year. We also continue to expect revenue from our month-to-month motion on Elastic Cloud will remain somewhat flat for the rest of this year.

其次，我們考慮到年度合約和月度變動的消費收入都可能波動。由於我們以前見過這種波動，因此我們對今年剩餘時間的年度合約消耗率的假設持謹慎態度。我們也繼續預計，今年剩餘時間裡，Elastic Cloud 上的月度變動收入將保持穩定。

Third, we have considered the revenue headwind from the recent strength in the US dollar. Finally, in terms of seasonal effects in the third quarter, professional services revenue is typically impacted by the holiday season.

第三，我們考慮了近期美元走強帶來的收入逆風。最後，就第三季的季節性影響而言，專業服務收入通常受到假期季節的影響。

With respect to GenAI, as Ash described in his remarks, customer interest around generative AI use cases remains very strong. The strength of our technology and our pace of innovation underpins our position as a market leader in this space. We are still in the very early stages of capturing the substantial and rapidly growing market opportunity, and we continue to believe this will be a significant growth driver for us over the long term.

至於 GenAI，正如 Ash 在演講中所描述的那樣，客戶對生成式 AI 用例的興趣仍然非常強烈。我們的技術實力和創新步伐鞏固了我們作為該領域市場領導者的地位。我們仍處於抓住大量且快速成長的市場機會的早期階段，我們仍然相信這將是我們長期的重要成長動力。

As we consider investments in the business, we plan to continue to balance investing for revenue growth with profitability. Given the improvements we saw in our sales execution in the second quarter, we are selectively increasing some investments in the second half of the year.

當我們考慮業務投資時，我們計劃繼續平衡收入成長投資與獲利能力。鑑於第二季銷售執行情況有所改善，我們將有選擇地在下半年增加一些投資。

We will continue to prioritize investments towards areas intended to drive growth, particularly in GenAI. With the operating leverage inherent in our business model, we are also raising our profitability guidance for the year. We remain well positioned to drive higher operating margins as we scale the business in future years.

我們將繼續優先投資旨在推動成長的領域，特別是 GenAI。憑藉我們業務模式固有的營運槓桿，我們也提高了今年的獲利指引。隨著未來幾年業務規模的擴大，我們仍然處於有利地位，可以推動更高的營業利潤率。

With that background, for the third quarter of fiscal '25, we expect total revenue in the range of $367 million to $369 million. This represents 12% year-over-year growth at the midpoint on an as-reported basis and 13% year-over-year growth at the midpoint in constant currency. We expect non-GAAP operating margin for the third quarter of fiscal '25 to be approximately 15% and non-GAAP diluted earnings per share in the range of $0.46 to $0.48 using between 106 million and 107 million diluted weighted average ordinary shares outstanding.

在此背景下，我們預計 25 財年第三季的總營收將在 3.67 億美元至 3.69 億美元之間。以報告中位數計算，這意味著年增 12%；以固定匯率計算，以中位數計算，年增 13%。我們預計 25 財年第三季的非 GAAP 營業利潤率約為 15%，使用 1.06 億至 1.07 億股稀釋加權平均已發行普通股，非 GAAP 攤薄每股收益將在 0.46 美元至 0.48 美元之間。

For full fiscal '25, we expect total revenue in the range of $1.451 billion to $1.457 billion. This represents 15% year-over-year growth at the midpoint, both on an as-reported basis and in constant currency. We expect non-GAAP operating margin for full fiscal '25 to be approximately 13.5% and non-GAAP diluted earnings per share in the range of $1.68 to $1.72 using between 106 million and 108 million diluted weighted average ordinary shares outstanding.

對於 25 財年整個財年，我們預計總營收在 14.51 億美元至 14.57 億美元之間。無論是按報告的基礎還是以固定匯率計算，這意味著中位數年增 15%。我們預計 25 年整個財年的非 GAAP 營業利潤率約為 13.5%，使用 1.06 億至 1.08 億股稀釋加權平均已發行普通股，非 GAAP 攤薄每股收益將在 1.68 美元至 1.72 美元之間。

In summary, we are pleased with our performance in the second quarter and remain confident in our ability to continue to drive profitable growth going forward.

總而言之，我們對第二季的業績感到滿意，並對我們繼續推動未來獲利成長的能力充滿信心。

And with that, let's go ahead and take questions. Operator?

接下來，讓我們繼續提問。操作員？

(Operator Instructions) The first question comes from Matt Hedberg with RBC Capital Markets.

（操作員說明）第一個問題來自 RBC 資本市場的 Matt Hedberg。

Great. Thanks for taking my questions, guys. Congrats on the results. Really a nice bounce-back quarter. There's a lot of things that stood out to me. I think the success in cross-selling, but also Janesh, you said something about larger enterprise, particularly their consumption patterns accelerated. I'm wondering if you could double-click on that. Is there any -- was there any commonality there that drove that trend?

偉大的。謝謝你們回答我的問題，夥伴們。祝賀結果。確實是一個不錯的反彈季度。有很多事情對我來說很突出。我認為交叉銷售的成功，而且Janesh，你提到了一些關於大型企業的事情，特別是他們的消費模式的加速。我想知道你是否可以雙擊它。是否有任何共同點推動了這一趨勢？

Hey, Matt, so just digging into that consumption number, overall consumption was quite strong across Q2. We are very pleased with the results that we saw. And that was across enterprise and commercial. It was across the different geos as well, across the solution areas. We did see some strength among some of our larger customers that accelerated their consumption. And that was really encouraging because they're continuing to use the Elasticsearch AI platform for both new and expanded workloads.

嘿，馬特，只要深入研究消費數據，第二季的整體消費就相當強勁。我們對所看到的結果感到非常滿意。這涉及企業和商業領域。它也跨越不同的地理區域、跨越解決方案領域。我們確實看到一些大客戶的一些力量加速了他們的消費。這確實令人鼓舞，因為他們繼續使用 Elasticsearch AI 平台來處理新的和擴展的工作負載。

In terms of whether there was any particular commonality there or similarity to the past, we have seen consumption be stronger in prior periods as well, but it's not necessarily the same customers that are always stronger so there can be some variations there. So I wouldn't read too much into that. We were obviously pleased with the results but we will continue to monitor it carefully to see if there's any particular patterns or trends that emerge.

就是否存在任何特定的共通點或與過去的相似性而言，我們也看到之前時期的消費也更強，但不一定是相同的客戶總是更強，因此可能存在一些差異。所以我不會對此進行太多解讀。我們顯然對結果感到滿意，但我們將繼續仔細監控，看看是否有任何特定的模式或趨勢。

From now -- from our standpoint, as we built our guidance for Q3, although we are very pleased with the consumption rates that we saw in the second quarter, we have seen these rates fluctuate in the past. So we built our guidance quite prudently. And just for clarity, we've not actually seen any change in the business so far. We are simply considering the possibility that consumption patterns may revert to what we previously experienced prior to Q2. So that's the way we approached it.

從現在開始，從我們的角度來看，當我們制定第三季度的指導時，儘管我們對第二季度看到的消費率非常滿意，但我們看到這些比率在過去有所波動。因此，我們非常謹慎地制定了指導方針。需要澄清的是，到目前為止，我們實際上還沒有看到業務發生任何變化。我們只是在考慮消費模式可能恢復到第二季度之前的情況的可能性。這就是我們的處理方式。

Well, that's great. Well, it seems like there's others that are also talking about better consumption trends from last night. Maybe just, Ash, for you, it was great to see the sales force bounce back here. I'm wondering, is there anything that you'd put your finger on that drove to that better sales execution?

嗯，那太好了。嗯，似乎還有其他人也在談論昨晚更好的消費趨勢。也許只是，阿什，對你來說，很高興看到銷售隊伍在這裡反彈。我想知道，您認為有什麼可以推動更好的銷售執行嗎？

I know there was a lot of changes in 1Q. But curious if you can understand sort of what the positive change factor was this quarter. And I know Janesh is being conservative in back half guidance, but the opportunity for continued improvement there, just sort of curious on your thoughts there.

我知道第一季發生了很多變化。但很好奇您是否能理解本季的正面變化因素是什麼。我知道賈內什在後半部的指導上比較保守，但那裡有繼續改進的機會，只是對你的想法有點好奇。

Yes, Matt. Thanks for the question. So even in last earnings call, in the Q1 earnings call, like I had mentioned, we felt pretty confident that the changes that we had made at the beginning of the year were the right changes.

是的，馬特。謝謝你的提問。因此，即使在上次財報電話會議中，在第一季財報電話會議中，就像我提到的那樣，我們也非常有信心，我們在年初所做的改變是正確的。

And what we've seen is with rigor, as we've been inspecting the pipeline and making sure that we are doing all the right things with discipline, a few things have already happened or are happening at the pace that we want them to. First, we have seen that the pace of pipeline creation and pipeline progression has come back to normal levels, so we are really happy about that.

我們所看到的是嚴格的，因為我們一直在檢查管道並確保我們按照紀律做所有正確的事情，有些事情已經發生或正在按照我們希望的速度發生。首先，我們看到管道創建和進展的速度已恢復到正常水平，因此我們對此感到非常高興。

The second thing that we have seen is just the changes, the reason why we made the changes to begin with were all about focusing more on the enterprise segment, on the high-propensity mid-market segments, and the benefits of those are now starting to take hold.

我們看到的第二件事就是變化，我們一開始做出這些變化的原因都是為了更專注於企業區隔市場、高傾向的中階市場區隔市場，而這些的好處現在正在開始抓住。

And just as our reps have had more time to work on their accounts, to work with their accounts, we have started to see all the right kinds of behaviors that we were expecting to see, and that's what gives me a lot of confidence going forward. And as we've said, the thing that happened in Q1 was a near-term impact, and I'm really happy that the team really delivered in Q2 and we are moving in the right direction.

正如我們的代表有更多的時間來處理他們的客戶一樣，我們也開始看到我們期望看到的所有正確的行為，這給了我很大的信心繼續前進。正如我們所說，第一季發生的事情是近期的影響，我真的很高興團隊在第二季真正交付了成果，我們正在朝著正確的方向前進。

Great. And Janesh, it's been great working with you. Best of luck in your future endeavors.

偉大的。賈內什，和你一起工作真是太棒了。祝福您未來事業順利。

The next question comes from Pinjalim Bora with JPMorgan.

下一個問題來自摩根大通的 Pinjalim Bora。

Great. Thanks for taking our questions. Congrats on the quarter. Janesh, from me as well, great working with you and all the best, and Eric, congrats on the interim role. I want to ask you, Ash, on binary quantization. Seems like it's a differentiation for Elastic from a vector D perspective. But my understanding is quantization is kind of a trade-off between accuracy and cost. Help me understand how pervasive is that going to be across kind of different GenAI use cases?

偉大的。感謝您回答我們的問題。恭喜本季。賈尼什（Janesh），我也表示，與您合作非常愉快，祝一切順利，埃里克（Eric），祝賀您擔任臨時職務。我想問你，Ash，關於二進制量化的問題。從向量 D 的角度來看，這似乎是 Elastic 的差異化。但我的理解是量化是準確性和成本之間的一種權衡。幫助我了解這在不同的 GenAI 用例中有多普遍？

It is something that I am personally very excited about. Our team is very excited about it. Like you correctly pointed out, quantization is always a trade-off between accuracy and efficiency or performance. And better binary quantization, we are the first to really deliver this capability. And what it does is it delivers an absolutely amazing level of efficiency, everything from how much memory is required to the time it takes to do the actual quantization to even query performance and all of those with very little impact on accuracy.

我個人對此感到非常興奮。我們的團隊對此感到非常興奮。正如您正確指出的那樣，量化始終是準確性和效率或性能之間的權衡。以及更好的二進制量化，我們是第一個真正提供此功能的人。它的作用是提供絕對驚人的效率水平，從需要多少記憶體到實際量化所需的時間，甚至查詢效能，所有這些對準確性的影響很小。

And that's what's so great about this algorithm. Like I mentioned in my prepared remarks, this, we feel, is a true game changer. And at this phase, we are still in the very early phases of the whole AI revolution, the way I see it, the way we see it. This is the time when we want to make sure that we are delivering the kinds of asymmetric innovations that will allow us to really gain maximum share in this market. And so I'm personally very excited. The applicability is pretty broad and we are just going to drive this hard.

這就是這個演算法的偉大之處。正如我在準備好的發言中提到的，我們認為，這是一個真正的遊戲規則改變者。在這個階段，我們仍然處於整個人工智慧革命的早期階段，我是這麼看的，我們也是這麼看的。現在我們要確保我們提供不對稱的創新，使我們能夠真正在這個市場上獲得最大的份額。所以我個人非常興奮。它的適用性相當廣泛，我們將努力推動這一點。

Yes, understood. Janesh, one question for you. It seems like a very strong cloud consumption quarter. But when I look at the RPO numbers, especially on the sequential trend, it seems a little bit muted, given that a number of deals pushed out of last quarter. You had noted you had closed a lot of those. So maybe how would you characterize kind of the bookings cadence at this point versus historical norms, given the changes that you see? It's improving but we are not there yet.

是的，明白了。賈尼什，問你一個問題。這似乎是一個非常強勁的雲端消費季度。但當我查看 RPO 數據時，尤其是連續趨勢時，考慮到上季度推出的許多交易，它似乎有點平靜。您已經注意到您已經關閉了其中很多。那麼，考慮到您所看到的變化，您可能會如何描述此時的預訂節奏與歷史標準的比較？它正在改善，但我們還沒有達到那個程度。

Pinjalim, we were actually very pleased with our overall sales execution in Q2. Really happy to see that the team bounced back and the additional measures that we had taken following Q1, they are having the desired effect and sales reps have also had more time to engage with their new accounts. So I think all of that played quite nicely for us. While there were many deals that moved out of Q1 that we closed in Q2, those were not the main driver of strength for us in the second quarter.

Pinjalim，我們實際上對第二季的整體銷售執行情況非常滿意。非常高興看到團隊的反彈以及我們在第一季之後採取的額外措施，他們取得了預期的效果，銷售代表也有更多的時間與他們的新客戶互動。所以我認為所有這些對我們來說都非常好。雖然我們在第二季完成了許多第一季的交易，但這些並不是我們第二季實力的主要動力。

But overall, looking ahead, I think we feel pretty good about the outlook for the rest of the year. With respect to the RPO timing and the quarter-over-quarter changes in RPO, that was consistent with what we've delivered before and, in fact, probably even slightly higher than the sequential change that you may have seen in the year ago quarter. So we felt pretty good about that as well.

但總的來說，展望未來，我認為我們對今年剩餘時間的前景感到相當不錯。關於 RPO 時間表和 RPO 的季度環比變化，這與我們之前提供的內容一致，事實上，甚至可能略高於您在上年同期看到的連續變化。所以我們對此也感覺很好。

The next question comes from Tyler Radke with Citi.

下一個問題來自花旗銀行的泰勒拉德克 (Tyler Radke)。

Yeah, thanks for taking the question, and Janesh, it's been great working with you, and all the best. Good to see you leave on a high note here. Ash, I wanted to go back to some of the GenAI use cases. Sounded like a very strong quarter in terms of commitments, the doubling quarter-over-quarter. But I'm curious how you're kind of seeing those types of use cases unfold. It sounded like you referenced some use cases where you're kind of the backbone in terms of being the vector database supporting 40 different use cases with agents and chatbots and then some other use cases just around semantic search.

是的，感謝您提出這個問題，Janesh，與您合作非常愉快，祝您一切順利。很高興看到你在這裡高調離開。Ash，我想回顧一下 GenAI 的一些用例。就承諾而言，聽起來是一個非常強勁的季度，比上一季翻了一番。但我很好奇您如何看待這些類型的用例的展開。聽起來你提到了一些用例，在這些用例中，你是支援 40 個不同用例（包括代理程式和聊天機器人）的向量資料庫的骨幹，然後是圍繞語義搜尋的其他一些用例。

So maybe help us understand, are you kind of orienting the sales force around kind of discrete go-to-market motions, particularly around GenAI to serve those use cases? Just give us a flavor of kind of how you're standardizing the GenAI go-to-market and use case evaluation here?

因此，也許可以幫助我們理解，您是否正在圍繞某種離散的上市動向來引導銷售人員，特別是圍繞 GenAI 來服務這些用例？請給我們介紹一下你們如何標準化 GenAI 上市和用例評估？

Yes, that's a great question, Tyler. So the first thing I'd say is as we look at the market broadly, across pretty much every industry and every vertical, what we see is that there are a lot of processes, business processes that depend upon unstructured data being manually processed and moved from one step of the process to the next step. And all of those have the ability to be automated through generative AI. So we are looking at that. And effectively, our strategy is to be that runtime platform for retrieval augmented generation, for anybody building those kinds of generative AI applications.

是的，這是一個很好的問題，泰勒。因此，我要說的第一件事是，當我們廣泛觀察市場時，幾乎涵蓋每個行業和每個垂直領域，我們看到的是有很多流程、業務流程依賴手動處理和移動的非結構化資料從流程的一個步驟到下一步。所有這些都能夠透過產生人工智慧實現自動化。所以我們正在研究這個。實際上，我們的策略是成為檢索增強生成的運行時平台，供任何構建此類生成式人工智慧應用程式的人使用。

Now some of those will begin, first and foremost, by somebody just implementing better search through semantic search, techniques like hybrid search to get the most relevant precise data for their use cases and their applications. And then they'll evolve from there to building the kinds of chatbots and generative applications that then automate that process. And we just want to be the underlying layer, the underlying platform for all of those things.

現在，其中一些首先將由某人透過語義搜尋、混合搜尋等技術實現更好的搜尋來開始，以獲得與其用例和應用程式最相關的精確數據。然後他們將從那裡發展到建立各種聊天機器人和生成應用程序，然後使該過程自動化。我們只想成為所有這些事情的底層、底層平台。

And so instead of taking a vertical-by-vertical approach, we're basically taking a platform approach. And as you know, that's been really something that has worked very, very well for us in the past. And our motion around this is very simple. Our field just goes in and talks about semantic search. And the simple question is, how are you thinking about vector databases? What vector database are you using?

因此，我們基本上採用的是平台方法，而不是採用逐一垂直的方法。如您所知，這在過去對我們來說確實非常非常有效。我們圍繞這個問題的行動非常簡單。我們的領域剛剛進入並討論語義搜尋。簡單的問題是，您如何看待向量資料庫？您使用什麼向量資料庫？

And it just leads from there naturally to either a semantic search sale or a hybrid search sale or a retrieval augmented generation search kind of opportunity. And we are starting to see, like in the past, I've said that a lot of these tend to be internally-focused applications. But now you're starting to see a blend of both internal-focused and external as people are getting more and more comfortable. I think that's exciting.

從那裡自然地導致語義搜尋銷售或混合搜尋銷售或檢索增強生成搜尋類型的機會。我們開始看到，就像過去一樣，我說過其中很多往往都是以內部為中心的應用程式。但現在，隨著人們變得越來越舒服，你開始看到內部關注和外部關注的混合。我認為這很令人興奮。

Janesh, for you, just going back to the commentary around the large customers consumption in the quarter. I guess as you think about the stronger-than-expected trends that you saw, would you say that that was kind of onetime in nature? Or do you -- was this kind of onboarding new use cases? And just to clarify, you're saying that you're seeing these strong trends continue, you're just not embedding it into the guidance? Just wanted to clarify that.

Janesh，對於您來說，回到有關本季大客戶消費的評論。我想當你想到你所看到的強於預期的趨勢時，你會說這本質上是一次性的嗎？或者您認為——這是一種新的使用案例嗎？澄清一下，您是說您看到這些強勁趨勢仍在繼續，但您只是沒有將其嵌入到指導中？只是想澄清這一點。

Tyler, yes, so in terms of what we saw, absolutely, we saw the strength be broad-based. I wouldn't characterize it as onetime. It was just some of our larger accounts consumed at a faster pace and that was really encouraging to see. I think that's reflective of all of the things that we've been doing and driving over the past several quarters that ultimately get reflected in customer commitments that then translate into consumption. We've talked about the momentum that we've seen in GenAI.

泰勒，是的，所以就我們所看到的而言，絕對，我們看到了廣泛的基礎優勢。我不會將其描述為一次性。這只是我們一些較大的帳戶以更快的速度消費，這確實令人鼓舞。我認為這反映了我們過去幾個季度一直在做和推動的所有事情，這些事情最終反映在客戶承諾中，然後轉化為消費。我們已經討論了 GenAI 的發展勢頭。

We've talked about the platform consolidation. So I think that there's a lot of goodness in terms of what the teams have been driving, which has translated into higher consumption rates. So it was higher than what we expected but I wouldn't characterize it as onetime.

我們已經討論過平台整合。因此，我認為團隊一直在推動的事情有很多好處，這已經轉化為更高的消耗率。所以它比我們預期的要高，但我不會將其描述為一次性。

In terms of what that means for the future and the assumptions that we're using for the future, you're right. We have not seen any change in the business. We have not seen anything adverse, but we're just being prudent in terms of how we build our forecast because we have seen historically, consumption rates can fluctuate, and we think we just want to be careful with that and not get ahead of our ski tips.

就這對未來意味著什麼以及我們對未來使用的假設而言，你是對的。我們沒有看到業務有任何變化。我們沒有看到任何不利的情況，但我們只是在如何構建預測方面保持謹慎，因為我們從歷史上看到，消費率可能會波動，我們認為我們只是要小心謹慎，不要超出我們的預期。 。

Yes. I guess you're guiding before Thanksgiving for the first time so a lot more days in the quarter.

是的。我猜你是在感恩節之前第一次提供指導，所以本季還有很多天。

That's right. That's exactly right.

這是正確的。完全正確。

All right. Thanks, Janesh. All the best.

好的。謝謝，賈尼什。一切順利。

The next question comes from Koji Ikeda with Bank of America.

下一個問題來自美國銀行的 Koji Ikeda。

Yeah. Hey, guys. Thanks. Thanks for taking the questions. Janesh, thanks for everything. All the best to you. And Eric, looking forward to working with you. So I have a question on the sales organization, and I guess the question is on a scale of 1 to 10, how would you rate where you are today with the sales org? 10 being back in business and fully ramped on the new strategy. Where are you at today? And if it's less than 10, what needs to happen to get it to 10? The reason why I ask is the fiscal second quarter results are really strong. But I keep staring at that implied fiscal fourth quarter exit growth rate of 11%. So I'm just wondering if we could still see effects of the sales org change playing out over the coming quarters. Or is there just massive conservatism embedded in the guide?

是的。嘿，夥計們。謝謝。感謝您提出問題。珍妮什，謝謝你所做的一切。祝你一切順利。艾瑞克（Eric）期待與您合作。我有一個關於銷售組織的問題，我想問題的範圍是 1 到 10，您如何評估您今天在銷售組織中的表現？10 重新開始業務並全面實施新策略。你今天在哪裡？如果它小於 10，需要做什麼才能使其達到 10？我之所以會問這個問題，是因為第二財季的業績非常強勁。但我一直關注第四財季隱含的 11% 的退出成長率。所以我只是想知道我們是否仍然可以看到銷售組織變革的影響在未來幾季發揮作用。或者該指南中是否存在大量的保守主義？

Koji, thank you very much for the question. So I'm not a huge fan of putting anything on a scale, but here's what I'll say. First of all, I'm really happy not only at the way we performed but the metrics that I look at internally are effectively, are we creating pipe at the right pace? And are we progressing pipe at the right pace? And in both of those areas, I've seen that our pace of pipeline creation and our pace of pipeline progression has come back to normal.

Koji，非常感謝你的提問。所以我不太喜歡把任何東西放在一個秤上，但這就是我要說的。首先，我不僅對我們的表現感到非常滿意，而且對我內部查看的指標也很有效，我們是否以正確的速度創建管道？我們是否以正確的速度推進管道建設？在這兩個領域，我看到我們的管道創建速度和管道進展速度已恢復正常。

Also, our win rates continue to be incredibly strong, and that's really -- those are the fundamentals, right, when you think about your sales strategy. All of those things are working as they should. And the Q2 results from that perspective give me a lot of confidence about where we are.

此外，我們的勝率仍然非常高，這確實是——當你考慮你的銷售策略時，這些是基本面，對吧。所有這些事情都按其應有的方式進行。從這個角度來看，第二季的結果讓我對我們的處境充滿信心。

Now in terms of the guidance so on, why don't I ask Eric and Janesh to maybe weigh in?

現在就指導等而言，我為什麼不請埃里克和賈尼什參與討論呢？

Yes, sure. I'll take this. Thanks, Koji. What I'd say is, as Ash has said and as Janesh said on the call, we're very pleased with our revenue outperformance in our second quarter, which was driven by both stronger commitments and strong levels of consumption. And as you think about our guidance for the rest of the year, in terms of the year-over-year revenue growth, you need to keep in mind that the effects of the shortfall on customer commitments in the first quarter are going to have an ongoing impact on the year-on-year growth of the business.

是的，當然。我要這個。謝謝，小二。我想說的是，正如阿什和賈內什在電話會議上所說的那樣，我們對第二季度的收入表現非常滿意，這是由更堅定的承諾和強勁的消費水平所推動的。當您考慮我們對今年剩餘時間的指導時，就同比收入增長而言，您需要記住，第一季的客戶承諾缺口將產生嚴重的影響。

For self-managed, that's already playing through in the second quarter and so it will be similar. But for cloud, there's going to be an increased headwind in the second half, given it usually takes several months to fully ramp cloud consumption. This dynamic is something we anticipated and we've considered and it is in our outlook as we've shared it.

對於自我管理來說，這已經在第二季發生了，所以情況會是相似的。但對於雲端運算來說，下半年的阻力將會加大，因為通常需要幾個月的時間才能完全提高雲端消費量。這種動態是我們所預料到的，我們已經考慮過，並且在我們分享時也存在於我們的展望中。

So that's the way I'd think about it. There's also a slight headwind year-over-year on year-over-year growth in the back half from currency effects. Most importantly, I think that our focus is to maintain our sales execution the way it was in Q2 so we can continue the positive momentum that we saw and continue to secure customer commitments.

這就是我的想法。由於匯率影響，下半年的年成長率也出現了輕微的阻力。最重要的是，我認為我們的重點是保持第二季的銷售執行力，這樣我們就可以繼續我們看到的積極勢頭，並繼續確保客戶承諾。

Yes. Koji, I'll just add that, obviously, it's too early to talk about '26 specifically. But as you think about that exit growth rate, our revenue next year will largely be determined by sales activity from here on out in Q3 and Q4. And we feel pretty good about where we are on that trajectory as Ash said.

是的。Koji，我只想補充一點，顯然，現在具體談論 26 還為時過早。但當你考慮退出成長率時，我們明年的收入將很大程度取決於第三季和第四季的銷售活動。正如阿什所說，我們對自己在這條軌道上所處的位置感到非常滿意。

Okay. And just one follow-up here. Ash, in your prepared remarks, you talked about three deals, generative AI deals being $1 million in annual contract value. Super impressive there. The question here is, are these for specific generative AI projects? And what I'm trying to understand is that we've been waiting for these big commitments to come. And so if these are for specific generative AI contracts, does that really imply that as experiences, generative AI experiences come to fruition, I mean, Elastic could be a beneficiary of lots of these big, big six, seven-figure deals for very specific generative AI projects?

好的。這裡只是一個後續行動。Ash，在您準備好的演講中，您談到了三筆交易，其中生成式人工智慧交易的年度合約價值為 100 萬美元。那裡超級令人印象深刻。這裡的問題是，這些是針對特定的生成式人工智慧專案嗎？我試圖理解的是，我們一直在等待這些重大承諾的到來。因此，如果這些是針對特定的生成式AI 合約，這是否真的意味著隨著體驗、生成式AI 體驗的實現，我的意思是，Elastic 可能是許多此類六位數、七位數的非常具體交易的受益者生成式人工智慧專案？

Yes, that's a great question. And what I'd say is, first of all, generative AI is sort of the fastest-growing part of our business at this point, like we are seeing a lot of traction in it. Keep in mind, Koji, that we don't have a discrete generative AI SKU, as you know. And because of that reason, the metrics that we look at and the metrics that we are sharing with you are sort of the directional metrics that we've shared, right?

是的，這是一個很好的問題。我想說的是，首先，生成式人工智慧是我們目前業務中成長最快的部分，就像我們看到它有很大的吸引力一樣。Koji，請記住，如您所知，我們沒有離散的生成式 AI SKU。正因為如此，我們查看的指標以及我們與您共享的指標都是我們共享的方向性指標，對嗎？

The fact that we are now seeing commitments really grow very nicely because, as you know, it starts with the design wins. We've talked about those design wins in the past, and we are now -- even in cloud, we have over 1,550 customers. Then it moves from there to customers actually making meaningful commitments and now we're giving you some color on that. And then that translates into revenue.

事實上，我們現在看到承諾確實成長得非常好，因為如您所知，它始於設計的勝利。我們過去曾討論過這些設計上的勝利，而現在，即使在雲端領域，我們也擁有超過 1,550 個客戶。然後，它從那裡轉移到客戶實際做出有意義的承諾，現在我們為您提供一些相關資訊。然後轉化為收入。

So this is exciting. This is why I feel really good about the long-term trajectory for the business. And that's the reason why like our focus now is to continue to execute like we did on the sales front in Q2, so we can keep building that up and keep progressing.

所以這很令人興奮。這就是為什麼我對公司的長期發展軌跡感到非常滿意。這就是為什麼我們現在的重點是繼續像第二季銷售方面那樣執行，這樣我們就可以繼續建立並不斷取得進展。

Thanks, Ash. Thanks for taking the question, guys. Thank you.

謝謝，阿什。謝謝你們提出問題，夥伴們。謝謝。

The next question comes from Brent Thill with Jefferies.

下一個問題來自 Jefferies 的布倫特希爾 (Brent Thill)。

Thanks, Ash. On the go-to-market, I guess I'm confused. You say that you're pleased with your sales team, yet your RPO is flat Q1 to Q2. Your competitors are growing RPO twice the speed of you. And so I'm just -- I'm trying to reconcile this. Is it you're pleased with a pipeline that's building back because it hasn't converted in the backlog yet? So I just want to make sure we clarify what you mean by that.

謝謝，阿什。在進入市場時，我想我很困惑。您說您對自己的銷售團隊感到滿意，但第一季到第二季的 RPO 持平。您的競爭對手的 RPO 成長速度是您的兩倍。所以我只是——我正在努力協調這一點。您是否對正在重建的管道感到滿意，因為它尚未在積壓中轉換？所以我只是想確保我們澄清你的意思。

Brent, maybe I'll jump in and then Ash can add. In terms of the math behind the RPO, if you look at the RPO in year-over-year terms, it's roughly flat. But in year-over-year terms, keep in mind that RPO is a point-in-time cumulative measure of all prior activity. So the Q1 shortfall from commitments does impact the Q2 year-over-year growth rate in RPO. But if you think about more current activity from Q2 and you consider the sequential growth, it is up a little bit. And usually in Q2, sequentially, RPO has gone down. So if you look at last year, for example, RPO was a little bit lower in Q2 than in Q1.

布倫特，也許我會插話，然後阿什可以補充。就 RPO 背後的數學原理而言，如果按年比較 RPO，就會發現它大致持平。但就同比而言，請記住，RPO 是所有先前活動的時間點累積測量。因此，第一季承諾的缺口確實影響了第二季 RPO 的年成長率。但如果你考慮第二季度的更多當前活動並考慮環比增長，你會發現它有所上升。通常在第二季度，RPO 會依序下降。例如，如果你看看去年，第二季的 RPO 比第一季低。

So we were actually quite pleased, and again, we're not declaring mission accomplished on the sales execution side. We've said that we are pleased with the progress that we've made in terms of our return to that. And you see that reflected in these numbers, and you see that reflected in all of the other indicators of the business as well, RPO being just one of the several indicators of the business that we all look at collectively.

所以我們實際上非常高興，而且我們並沒有宣布銷售執行方面的任務已完成。我們已經說過，我們對在回歸這一目標方面取得的進展感到高興。您將看到這一點反映在這些數字中，您也會看到這一點也反映在業務的所有其他指標中，RPO 只是我們共同關注的幾個業務指標之一。

Okay. And when you think about search as a percent of total revenue versus broader observability, is it still roughly a 30-70 split or is that changed?

好的。當您考慮搜尋佔總收入的百分比與更廣泛的可觀察性的百分比時，它仍然是大約 30-70 的比例還是已經改變了？

Yes, let me maybe touch upon that, and I'll ask Janesh and Eric to also weigh in. But look, the overall mix of the business changes from quarter-to-quarter, but at an annualized level, it takes a while for mix shifts to happen. Search has definitely been accelerating for us and I've talked about that in Q1. It was the same in Q2. This quarter, all parts of our business grew. When I look at the actual customer commitments that we got and the way we are seeing our business grow, I feel good that in all three solution areas, we are taking share, but search is definitely benefiting more, given the trends that we are seeing in generative AI.

是的，也許讓我談談這一點，我會請賈內什和艾瑞克也參與其中。但你看，業務的整體組合每季都會發生變化，但從年化程度來看，組合轉變需要一段時間才能發生。對我們來說，搜尋確實在加速，我在第一季談到過這一點。第二季也是如此。本季度，我們所有業務都實現了成長。當我看到我們獲得的實際客戶承諾以及我們看到業務增長的方式時，我感覺很好，在所有三個解決方案領域，我們都在分享份額，但考慮到我們所看到的趨勢，搜索肯定會受益更多在生成人工智慧。

The next question comes from Raimo Lenschow with Barclays.

下一個問題來自巴克萊銀行的 Raimo Lenschow。

Can I stay on search and maybe one more question? Ash, if you think about the offering there, and you have a very large installed base in search because that's kind of where you guys started out, how do you think about the opportunity there in terms of going back to all of them or to a lot of them and just kind of saying, okay, like, look, we have hybrid search now. You can get better outcomes as kind of a starting point for doing more stuff around GenAI than anyway. But like where are we on that journey of the whole client base understanding what you can offer now and kind of working on that one? Because it does feel like it's still very early.

我可以繼續搜尋並再問一個問題嗎？Ash，如果你考慮那裡的產品，並且你在搜索中擁有非常大的安裝基礎，因為這就是你們開始的地方，你如何看待那裡的機會，即回到所有這些或回到一個很多，只是說，好吧，看，我們現在有了混合搜尋。作為圍繞 GenAI 做更多事情的起點，你可以獲得更好的結果。但是，就像我們在整個客戶群中了解您現在可以提供什麼以及在該方面開展工作的過程中處於什麼位置一樣？因為確實感覺現在還很早。

Yes, Raimo. What I'd say is that that is the natural motion for us. And as you can imagine, for our customer base, the data is already in Elasticsearch. So for us to go to them and make that case that now they can get even better, more relevant results is a pretty straightforward thing. So for sales teams, when you see a motion, when you see a sales motion that is natural, that your customers relate to, where you already have a good setup because the data is in Elasticsearch already, like that's just a natural place for them to go. And we are seeing that happen. We're seeing our sales teams do that naturally. A big part of the success that we are seeing in generative AI is because of that.

是的，雷莫。我想說的是，這對我們來說是很自然的動作。正如您可以想像的那樣，對於我們的客戶群來說，資料已經存在於 Elasticsearch 中。因此，對我們來說，去找他們並證明他們現在可以獲得更好、更相關的結果是一件非常簡單的事情。因此，對於銷售團隊來說，當您看到一個動議時，當您看到一個自然的銷售動議時，您的客戶會與之相關，您已經有了良好的設置，因為數據已經在Elasticsearch 中，就像這對他們來說是一個自然的地方去。我們正在看到這種情況發生。我們看到我們的銷售團隊自然地做到了這一點。我們在生成式人工智慧中看到的成功很大一部分就是因為這一點。

So where are we in that overall journey? We've got a large customer base, as you know. And if you see the progress that we have made, we now have 240 customers in Elastic Cloud that are part of that greater than $100,000 cohort. And we've gotten there this quickly because that is the motion that our sales team is driving. So lots more to go but very excited and happy about the progress.

那麼我們在整個旅程中處於什麼位置呢？如您所知，我們擁有龐大的客戶群。如果您看到我們所取得的進展，您會發現我們現在在 Elastic Cloud 中擁有 240 個客戶，這些客戶都是價值超過 100,000 美元的客戶群的一部分。我們之所以能夠如此迅速地實現這一目標，是因為這是我們的銷售團隊正在推動的動議。還有很多事情要做，但對進展感到非常興奮和高興。

Yes, perfect. And then one follow-up for me was you mentioned, Ash, you talked earlier about the SIEM opportunity. Obviously, there has been a lot of disruption in the market with some of the takeout, et cetera. What are you seeing there in terms of customer engagement with you guys around SIEM? And Janesh, it was an honor working with you.

是的，完美。然後我的一個後續行動是你提到的，Ash，你之前談到了 SIEM 機會。顯然，一些外送等市場出現了很大的混亂。您對 SIEM 的客戶參與度有何看法？賈內什，很榮幸與您合作。

Yes, thank you for that question. Even on SIEM, like even in my prepared remarks, I talked about a couple of consolidation deals that we won. They were both security-related. In SIEM, to your point, like what we're really seeing happening is AI is now becoming not just a nice-to-have but almost a must-have when people think about security analytics and SIEM. And people are looking at ways in which AI can be used to fundamentally improve the entire detection and remediation process.

是的，謝謝你提出這個問題。即使在 SIEM 上，就像在我準備好的演講中一樣，我也談到了我們贏得的幾項整合交易。它們都與安全有關。在 SIEM 中，就您的觀點而言，就像我們真正看到的那樣，當人們考慮安全分析和 SIEM 時，人工智慧現在不僅成為可有可無的東西，而且幾乎是必備的。人們正在尋找利用人工智慧從根本上改進整個檢測和修復過程的方法。

And given the early foray that we made into this, like we were ahead of most in terms of leaning in with AI, just given our core strengths in vector database and so on, we've seen a tremendous opportunity and we are seeing that momentum build. So I'm quite excited about it. Things like the Express Migration program that we launched are also helping because some of these are greenfield opportunities, but many of them are ones where there is a displacement opportunity. So I would expect that you should expect us to continue pushing hard in this area in security and also leaning into the whole AI space to allow us to win.

考慮到我們在這方面的早期嘗試，就像我們在人工智慧方面領先於大多數人一樣，考慮到我們在向量資料庫等方面的核心優勢，我們已經看到了巨大的機會，我們也看到了這種勢頭建造。所以我對此感到非常興奮。我們推出的「快速移民計畫」等措施也有所幫助，因為其中一些是綠地機會，但其中許多是存在流離失所機會的機會。因此，我希望您應該期望我們繼續在安全領域努力推進，並傾斜到整個人工智慧領域，以使我們獲勝。

The next question comes from Ittai Kidron with Oppenheimer.

下一個問題來自 Ittai Kidron 和奧本海默。

Janesh, my thanks to you as well, and good luck on the next move. Ash, I wanted to ask again about the search AI. I'm sorry, getting back to this. 1,550 customers, that's quite impressive and quite nice. But can you tell us how many of these customers were historical search customers, I mean, you just added the AI capabilities or were net new to the company? And perhaps what's the penetration right now of AI within your search base?

賈內什，我也感謝你，祝你下一步好運。Ash，我想再問一下搜尋人工智慧的問題。抱歉，回到這個話題。 1,550 名客戶，這令人印象深刻，也非常好。但您能否告訴我們，這些客戶中有多少是歷史搜尋客戶，我的意思是，您剛剛添加了人工智慧功能，還是對公司來說是全新的？也許現在人工智慧在您的搜尋庫中的滲透率是多少？

Several of these are new customers. And as you can imagine, a large number of them are existing customers. At the end of the day, when you think about the sales-led motion for our sales team, the expand motion is the most natural thing for them to do. It's the most efficient way for them to go in and meet their numbers. So in that sense, like we are naturally seeing that happen.

其中有幾個是新客戶。正如您可以想像的那樣，其中很大一部分是現有客戶。歸根結底，當您考慮我們銷售團隊的銷售主導動議時，擴展動議對他們來說是最自然的事情。這是他們進入並滿足人數最有效的方式。所以從這個意義上說，就像我們自然地看到這種情況發生一樣。

But then because of our self-service motion, we see new customers come to our platform. And this is an important reason why customers have the opportunity to come to our platform, just the vector search capabilities. So it's a mix, that's the best way to describe it. And in terms of the opportunity for us to go across our entire customer base and get them to start using this capability, especially the search part of our installed base, there's still a lot of room for continued expansion and growth.

但由於我們的自助服務舉措，我們看到新客戶來到我們的平台。而這也是客戶有機會來到我們平台的重要原因，正是向量搜尋能力。所以它是一個混合體，這是描述它的最好方式。就我們覆蓋整個客戶群並讓他們開始使用此功能的機會而言，特別是我們安裝基礎的搜尋部分，仍然有很大的持續擴展和增長的空間。

Very good. And then maybe on the competitive front, can you elaborate a little bit more? What do you view is your toughest competition here on the GenAI side and on the SIEM? Like who are the one or two vendors that you see most frequently? And when you talk about the displacements, I think you talked about it more in the context of SIEM on the call. Where are the greatest displacement opportunities that you see right now?

非常好。然後也許在競爭方面，您能詳細說明一下嗎？您認為 GenAI 方面和 SIEM 方面最激烈的競爭是什麼？例如您最常見到的一兩個供應商是誰？當您談論位移時，我認為您在電話會議上更多地在 SIEM 的背景下談論了它。現在您看到的最大的替代機會在哪裡？

Yes. Look, when it comes to displacement opportunities, there's a whole host of incumbent vendors. Like the way I like to think about it is sort of the early generation of SIEM players, everybody from Splunk to a QRadar to ArcSight, I mean, there's a pretty large set of players that have been in this space.

是的。看，當談到替代機會時，有很多現有的供應商。就像我喜歡思考的方式一樣，這是早期一代 SIEM 參與者，從 Splunk 到 QRadar 到 ArcSight，我的意思是，這個領域有相當多的參與者。

And for us, the way we describe ourselves, we are a modern next-generation SIEM. We think of ourselves as a security analytics product. The way our customers are able to do adhoc AI-based analysis on our platform is something that's incredibly differentiated. And because of the flexibility of our back end, we are able to bring in data from just about everybody. And that's a big part of why we are succeeding in this area.

對我們來說，按照我們描述自己的方式，我們是現代的下一代 SIEM。我們將自己視為安全分析產品。我們的客戶能夠在我們的平台上進行基於人工智慧的臨時分析的方式是非常與眾不同的。由於我們後端的靈活性，我們能夠從幾乎每個人那裡引入數據。這也是我們在這領域取得成功的重要原因。

When it comes to GenAI, look, we are -- we don't have our own large language models, right? So we partner with just about everybody. You saw the announcement that we made about the AI ecosystem. So we are partnering with a lot of players that provide their own large language models. Our core place, the way we want to position ourselves is as the platform for retrieval augmented generation. We want to be the vector database of choice and then also provide some of the capabilities around it.

當談到 GenAI 時，我們沒有自己的大型語言模型，對嗎？因此，我們幾乎與所有人合作。您看到了我們發布的有關人工智慧生態系統的公告。因此，我們正在與許多提供自己的大型語言模型的參與者合作。我們的核心位置，我們想要定位自己的方式是作為檢索增強生成的平台。我們希望成為首選的向量資料庫，然後提供一些圍繞它的功能。

So we aren't the only vector database in town. There are pure-plays out there that you might have heard of. And then in my opinion, every data platform is likely going to have their own vector functionality. And our core strength is when it comes to unstructured messy data, right, whether it's logs, whether it's Word documents, whether it's product descriptions, that data is always is best suited to bring into Elasticsearch. And we have the best vector database to support those kinds of use cases.

因此，我們並不是鎮上唯一的向量資料庫。您可能聽說過一些純粹的遊戲。然後在我看來，每個數據平台都可能有自己的向量功能。而我們的核心優勢是，當涉及到非結構化的雜亂資料時，對吧，無論是日誌，無論是Word文檔，還是產品描述，這些資料總是最適合引入Elasticsearch的。我們擁有最好的向量資料庫來支援這些類型的用例。

And that's a massive amount of data that exists in every company. So I feel that we -- as long as we focus on what we are doing in that area and continue to innovate the way we have been.

每家公司都存在大量數據。所以我覺得我們——只要我們專注於我們在該領域所做的事情，並繼續以我們一直以來的方式進行創新。

The next question comes from Howard Ma with Guggenheim Securities.

下一個問題來自古根漢證券公司的霍華德馬。

My question is for Janesh and or Eric. So it sounds like you did not make up for the Q1 shortfall in customer commits in Q2 despite the bounce back. But when you factor in the acceleration in consumption trends, it sounds like maybe you were back on track with your revenue targets before the cut last quarter, and that you're just being a bit conservative with your back half assumptions. Is that true?

我的問題是問賈內什和/或艾瑞克的。因此，儘管有所反彈，但聽起來您並沒有在第二季度彌補第一季客戶承諾的不足。但當你考慮到消費趨勢的加速時，聽起來你可能回到了上個季度削減之前的收入目標的正軌，而且你只是對後半假設有點保守。這是真的嗎？

Or maybe just asked another way, had you known you would achieve the Q2 performance that you did, both commits and consumption, would you still have lowered your full year guide last quarter?

或者也許只是用另一種方​​式問，如果您知道您將實現第二季度的業績，無論是承諾還是消費，您還會降低上個季度的全年指導嗎？

Thanks, Howard. And I think what I'd say to that is that given the headwinds that we saw in Q1, it's going to impact the full year and I think we still would have lowered our guidance. Q2 was obviously strong and we're very happy with the outcome in Q2. But what happened in Q1 is unfortunately going to play out over the rest of the year.

謝謝，霍華德。我認為我想說的是，考慮到我們在第一季看到的不利因素，這將影響全年，我認為我們仍然會降低我們的指導。第二季顯然很強勁，我們對第二季的結果非常滿意。但不幸的是，第一季發生的事情將在今年剩餘時間內繼續發生。

And particularly, as we said before, cloud is going to have a little more of a headwind in the back half specifically versus what it had in Q2, given the timing of the customer commitments. So while we are very happy with the performance in Q2, we would have still made the same decision that we did.

特別是，正如我們之前所說，考慮到客戶承諾的時間安排，與第二季度相比，雲端在下半年將面臨更多的阻力。因此，雖然我們對第二季的表現非常滿意，但我們仍然會做出同樣的決定。

Okay. Thanks for clarifying that, Eric. I just had a follow-up for Ash. When you look over the last 12 months, how would you describe the pace of adoption of vector database, ELSER, hybrid search for GenAI use cases? And compare that to how you expect the pace of adoption will play out over the next 12 months?

好的。感謝您澄清這一點，埃里克。我剛剛對阿什進行了後續行動。當您回顧過去 12 個月時，您會如何描述 GenAI 用例採用向量資料庫、ELSER、混合搜尋的速度？並將其與您預計未來 12 個月的採用速度進行比較？

And on a related note, could you, in the next few quarters, next quarter or the quarter after, could we start seeing a disclosure of AI contribution to total revenue, maybe when it hits 2%, 3%, 5%? Like is that perhaps in the works?

與此相關的是，在接下來的幾個季度、下個季度或下一個季度，我們能否開始看到人工智慧對總收入的貢獻的披露，也許當它達到2%、3%、5%時？就像這可能在作品中嗎？

Yes. So let me touch upon the first and then I might invite Janesh and Eric to also talk about the second piece. So in terms of the adoption, the phases of adoption that I'm seeing are not that different from the phases of adoption of other technologies in prior generations, like cloud computing and so on. It all starts with people sort of trying to build prototypes first.

是的。因此，讓我談談第一部分，然後我可能會邀請賈內什和艾瑞克也談談第二部分。因此，就採用而言，我所看到的採用階段與前幾代其他技術（例如雲端運算等）的採用階段沒有太大不同。這一切都始於人們首先嘗試建立原型。

There's a lot of design work that goes in. You want to be baked into those designs. People are still trying to figure out how many of those go into full-scale production versus not. We saw a lot of that about 18 months ago and so on. Since then, we've started to see people actually take many of these into production. First, it was internal-facing applications. Now it's also external-facing applications. This is very similar to the pattern that we would have expected.

有很多設計工作要做。你想融入這些設計中。人們仍在試圖弄清楚其中有多少進入了全面生產，而沒有進入全面生產。大約 18 個月前，我們看到了許多這樣的情況。從那時起，我們開始看到人們實際上將其中許多投入生產。首先，它是面向內部的應用程式。現在它也是面向外部的應用程式。這與我們預期的模式非常相似。

What I'd say is it's happening in a much more compressed time frame. So the time it's taken from this being sort of early to now people building these applications and deploying them, it's happened much faster than anybody would have expected. So that's been the exciting part.

我想說的是，它發生在一個更壓縮的時間範圍內。因此，從早期到現在人們建立這些應用程式並部署它們所花費的時間，發生的速度比任何人預期的都要快得多。這就是令人興奮的部分。

Now what we see is customers actually being very, very thoughtful about things like efficiency, things like performance, things like scale because they really want to not only put it in production but put it in very large-scale production. And so the kinds of innovations that we are working on are all related to those kinds of things, right? We're past the basics and now it's into the more sophisticated stuff, which you see from us even in terms of the capabilities that we are delivering like better binary quantization and so on.

現在我們看到的是，客戶實際上非常非常關心效率、性能、規模等問題，因為他們真的不僅希望將其投入生產，而且希望將其投入大規模生產。所以我們正在進行的各種創新都與這些事情有關，對嗎？我們已經超越了基礎知識，現在進入了更複雜的東西，你甚至可以從我們身上看到我們提供的功能，例如更好的二元量化等。

In terms of the metrics, your second question, I'll just say one thing that keep in mind that this -- we don't have a separate SKU, right? But with that, like, Eric, any thoughts, Eric or Janesh?

就指標而言，你的第二個問題，我只想說一件事，請記住這一點——我們沒有單獨的 SKU，對嗎？但是，艾瑞克，有什麼想法嗎，艾瑞克或賈尼什？

Yes. To Ash's point, we don't have a separate SKU. And what we have done is we've always tried to give appropriate indicators and color around the traction that we're seeing in generative AI. We shared that we have 1,550 of our cloud customers who are using generative AI and that of those 1,550, 240 of them are $100,000-plus customers. Ash already also shared some of the traction that we saw this quarter with the generative AI commitments more than almost doubling relative to what we saw in Q1. So it is something that will be evolving what we share but it is not something that we have a specific SKU on to that point.

是的。對 Ash 來說，我們沒有單獨的 SKU。我們所做的是，我們一直試圖為我們在生成人工智慧中看到的吸引力提供適當的指標和顏色。我們表示，我們有 1,550 名雲端客戶正在使用生成式 AI，而在這 1,550 名客戶中，有 240 名是價值超過 10 萬美元的客戶。阿什也分享了我們本季看到的一些吸引力，產生人工智慧的承諾相對於第一季幾乎翻了一番多。因此，它會不斷發展我們所共享的內容，但我們對此沒有特定的 SKU。

Okay, great. And great to see the bounce back.

好的，太好了。很高興看到反彈。

The next question comes from Austin Dietz with UBS.

下一個問題來自瑞銀集團的奧斯汀·迪茨。

Maybe just another question on RPO. Janesh, it sounded like you felt good on the trajectory of the business in Q3 and Q4. Could you maybe talk about the second half what you're seeing? And is it possible, especially as we have more time for that sales execution motion to continue to improve, could RPO see an uptick kind of on a sequential dollar growth basis in the second half, especially relative to last year?

也許只是關於 RPO 的另一個問題。Janesh，聽起來您對第三季和第四季的業務軌跡感覺良好。您能談談您所看到的後半部嗎？尤其是當我們有更多的時間來繼續改善銷售執行行動時，下半年 RPO 是否有可能在美元環比增長的基礎上有所上升，特別是相對於去年？

Austin, yes, happy to talk about that. So look, as we continue to execute in the back half of the year, especially if we execute well, you will see that reflected in all of the metrics that we talk about. And as I was talking about the guidance and the specific assumptions I've used for building the guidance, I laid them all out earlier so I won't repeat them necessarily here. But fundamentally, you're right. If we execute well, you will see that reflected not only in RPO but in all the other metrics, including in revenue.

奧斯汀，是的，很高興談論這個。因此，隨著我們在下半年繼續執行，特別是如果我們執行得好，您會看到這一點反映在我們談論的所有指標中。當我談論指南和用於建立指南的具體假設時，我之前已將它們全部列出，因此我不必在這裡重複它們。但從根本上來說，你是對的。如果我們執行得好，您會發現這不僅反映在 RPO 中，而且反映在所有其他指標中，包括收入。

Okay, great. And then just last, Ash. As a part of those go-to-market changes, it seemed like there was more of a focus on greenfield opportunities, new logos. Can you update us on how that's progressing?

好的，太好了。最後，阿什。作為這些進入市場變化的一部分，似乎更關注綠地機會和新標誌。您能否向我們介紹一下進展？

Yes, thanks for the question. So like you said, there was -- one of the things that we did was we took a lot of the accounts that weren't really being worked, and we turned them into distinct greenfield territories and assigned sellers to go pursue those. As you know, typically, it takes a lot longer to build pipeline in greenfield territories and to convert those opportunities.

是的，謝謝你的提問。所以就像你說的，我們所做的一件事是，我們拿走了很多沒有真正使用的帳戶，我們把它們變成了獨特的綠地區域，並指派賣家去追求這些。如您所知，通常情況下，在綠地地區建造管道並轉化這些機會需要更長的時間。

So what I'd say is that we are still in the early days. But when I look at the overall pipeline creation and progression, I feel very good about the pace coming back to what we've seen historically. And the area of greenfield territories, we're going to just keep tracking it and make sure that we keep -- continue to build the momentum in those areas.

所以我想說的是我們仍處於早期階段。但當我看到整個管道的創建和進展時，我對回到我們歷史上看到的速度感到非常滿意。對於未開發地區，我們將繼續追蹤並確保我們繼續在這些地區建立勢頭。

The next question comes from Kash Rangan with Goldman Sachs.

下一個問題來自高盛的卡什·蘭根 (Kash Rangan)。

Janesh, good luck with the next gig here. One for you, Ash, maybe two things. One is when you talk about the GenAI progress, what are the metrics that you are tracking? So granted that you do not have a revenue to disclose to us, you talk about use cases, but how would you define GenAI success in a way that we can say, okay, that makes sense relative to say a Microsoft or a ServiceNow that seem to be talking about GenAI bookings or AI bookings?

珍妮什，祝你下次演出好運。一件給你的，艾什，也許有兩件事。一是當您談論 GenAI 進展時，您正在追蹤哪些指標？因此，假設您沒有收入可以向我們披露，您會談論用例，但是您如何定義 GenAI 的成功，我們可以說，好吧，這相對於微軟或 ServiceNow 來說是有意義的是在談論GenAI 預訂還是AI預訂？

And also another question for you. When you look at the go-to-market motion, you sell a platform so you do not really know the use cases instance-by-instance. How does that percolate into having the right go-to-market strategy granted that GenAI is emerging as a use case?

還有一個問題想問你。當您查看上市動議時，您銷售的是一個平台，因此您並不真正了解每個實例的用例。鑑於 GenAI 正在成為一個用例，這如何滲透到製定正確的市場策略中？

Do we not know what the sales force is hunting for and they come back and tell you, and then sometime later, when the implementation happens you find out that it's implemented for search versus observability versus SIEM versus AI, whatnot? So trying to understand how -- if we do not know what the sale is for, how do you articulate and fine-tune the go-to-market strategy?

我們是否不知道銷售人員正在尋找什麼，他們回來告訴你，然後一段時間後，當實施發生時，你會發現它的實施是為了搜尋、可觀察性、SIEM 或人工智慧，等等？因此，試著了解如果我們不知道銷售的目的，您如何闡明和調整上市策略？

That's a great question. I'm glad that you asked it, Kash. So let me clarify. Yes, so first and foremost, the internal -- let me address your first question. When we look at generative AI, the metrics that we look at, first and foremost, we see how many customers are using us specifically for generative AI in the cloud because there we have perfect telemetry and we know exactly how they're using us because we can see that they have created indexes specifically for dense vectors and so on.

這是一個很好的問題。我很高興你問這個問題，卡什。讓我澄清一下。是的，首先是內部問題——讓我回答你的第一個問題。當我們審視生成式人工智慧時，我們首先關注的指標是，我們看到有多少客戶專門使用我們來進行雲端中的生成式人工智慧，因為我們擁有完美的遙測技術，並且我們確切地知道他們如何使用我們，因為我們可以看到他們專門為密集向量等創建了索引。

The second thing that we look at is the customer commitments that are being made that are related to generative AI use cases. Now there, it is all based on the information that we get from our sales teams at the time of the deal closure, right? So we know that a particular deal is related to semantic search or it's related to somebody in that company that I talked about building a chatbot or several chatbots. So at the time of the sale, we know what that customer commitment is related to.

我們關注的第二件事是與生成式人工智慧用例相關的客戶承諾。現在，這一切都是基於我們在交易結束時從銷售團隊獲得的信息，對吧？因此，我們知道某項特定交易與語義搜尋有關，或與我談到建立一個或多個聊天機器人的公司中的某個人有關。因此，在銷售時，我們知道客戶承諾與什麼相關。

Now that is customer commitments. But when you think about revenue, once the customer has purchased something from us and they are running -- they have stood up a cluster of Elasticsearch, and they are now, let's say, doing semantic search or RAG on that cluster, at some point of time, they might decide that they also want to do some observability workload on that same cluster. If they do that, we would not know exactly how to parse out what percentage of that compute, of that actual consumption, is related to the GenAI piece versus the observability piece.

現在這就是客戶承諾。但是當你考慮收入時，一旦客戶從我們這裡購買了一些東西並且他們正在運行 - 他們已經建立了一個 Elasticsearch 集群，並且他們現在，比方說，在某個時候在該集群上進行語義搜索或 RAG隨著時間的推移，他們可能會決定在同一個叢集上執行一些可觀察性工作負載。如果他們這樣做，我們將不知道如何準確地解析出計算量和實際消耗量中與 GenAI 部分和可觀測性部分相關的百分比。

So all the data that we have, when it comes to things other than cloud, effectively are at sale time. And even on cloud, if it's in the same cluster because we don't have a separate SKU, it's hard to disambiguate. So what we look at is customer commitments. And that's true even for our other solution areas. So that's why when we talk about the solution mix, we always say that it's based on reported information from our sales teams.

因此，當涉及到雲端以外的事物時，我們擁有的所有數據實際上都是在銷售時。即使在雲端上，如果它位於同一個叢集中，因為我們沒有單獨的 SKU，則很難消除歧義。所以我們關注的是客戶的承諾。即使對於我們的其他解決方案領域也是如此。因此，當我們談論解決方案組合時，我們總是說它是基於我們銷售團隊報告的資訊。

And there, we absolutely do have that clarity. That also guides our go-to-market motion. So based on that information, we know exactly what is working, where we are seeing success, and that's how we guide our sales teams to make sure that we are maximizing the opportunity ahead of us.

在那裡，我們絕對有這樣的清晰度。這也指導了我們的上市行動。因此，根據這些訊息，我們確切地知道什麼是有效的，我們在哪裡看到了成功，這就是我們指導銷售團隊確保我們最大限度地利用眼前的機會的方式。

Got it. And we can save this for another discussion maybe at your Analyst Day or whatever, but I'm curious in the long term, how does the go-to-market strategy evolve and the product marketing and the product management evolve? So you can actually go to market with a bundle -- use case bundle. You don't have to address this now, but I'm just throwing it out there.

知道了。我們可以將這個問題留到分析師日或其他什麼時候進行另一次討論，但從長遠來看，我很好奇，進入市場策略以及產品行銷和產品管理如何發展？因此，您實際上可以使用捆綁包（用例捆綁包）進入市場。你現在不必解決這個問題，但我只是把它扔在那裡。

But the real question I wanted to follow up with was, at what point do you feel like you need to add or accelerate the sales capacity growth rate? Because clearly, if things work out the way you would like to, the growth of the company can be better. For that to happen, you need to also have another round of investing in sales capacity, go-to-market. I'm just curious how you look at the trade-off of faster revenue growth rate versus enjoying the margin structure that you do currently?

但我想跟進的真正問題是，您覺得什麼時候需要增加或加快銷售能力成長率？因為顯然，如果事情按照你希望的方式發展，公司的發展就會更好。為此，您還需要對銷售能力進行另一輪投資，即進入市場。我只是好奇您如何看待更快的收入成長率與享受目前的利潤結構之間的權衡？

Yes. Thanks, Kash. So we see our growth opportunity as continuing. And just to be very clear, even when at the end of Q1, we said that we are going to be taking some near-term cost control actions, all of them were such that we did not affect our selling capacity. We are continuing to make sure that we give ourselves the room to continue to grow in the best way possible.

是的。謝謝，卡什。因此，我們認為我們的成長機會仍在繼續。需要非常明確的是，即使在第一季末，我們表示我們將採取一些近期成本控制措施，但所有這些措施都不會影響我們的銷售能力。我們將繼續確保為自己提供繼續以最佳方式成長的空間。

But to talk about some of those investments and so on, let me actually turn it to Janesh.

但要談論其中一些投資等，讓我實際上把它轉向賈內什。

Kash, so as Ash mentioned, we are seeing the course on investments. And in fact, as we look at the second half of this year, just given our revenue outperformance in the second quarter, we are actually increasing our investments in the second half a little bit. And given the strength of the operating leverage inherent in the model, we're able to do both, add to the margin as well as increase the investments.

卡什，正如阿什所提到的，我們正在觀看投資課程。事實上，當我們回顧今年下半年時，鑑於我們第二季度的收入表現出色，我們實際上在下半年增加了一些投資。考慮到該模型固有的營運槓桿的強度，我們能夠做到這兩點，增加利潤並增加投資。

And those investments will go towards a variety of functions, including selling capacity, which, as you know, is important for us to make sure we enter fiscal '26 with the right amount of productive selling capacity as well. So we're definitely keeping an eye towards that growth in the future and investing appropriately towards it.

這些投資將用於各種職能，包括銷售能力，如您所知，這對於我們確保我們在進入 26 財年時也擁有適量的生產性銷售能力非常重要。因此，我們肯定會密切關注未來的成長，並對其進行適當的投資。

This concludes our question-and-answer session. I would like to turn the conference back over to Ash Kulkarni for any closing remarks. Please go ahead.

我們的問答環節到此結束。我想將會議轉回阿什·庫爾卡尼 (Ash Kulkarni) 發表閉幕詞。請繼續。

Thank you all for joining us today. We are extremely excited about the continued momentum in our business, driven by generative AI, and we look forward to continuing our strong execution. For those of you who will be at AWS re Invent, I look forward to seeing you there. Have a great day.

感謝大家今天加入我們。我們對在生成式人工智慧的推動下業務的持續發展勢頭感到非常興奮，我們期待繼續保持強勁的執行力。對於那些將參加 AWS re Invent 的人，我期待在那裡見到您。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。